Banks now refusing credit to 40% of businesses!
You may be reading this having experienced this problem. If so, you’ll know the main reason why. Recent research has revealed that 40% of small firms have been refused credit from a bank. The biggest reason: lack of clear bookkeeping!
Lack of access to finance is SO EASY to fix! Get your books in good order and know your numbers! You may not be appearing on Dragon’s Den just yet, but if you want to grow and need credit to do so, you need a compelling proposition and a huge part of this is knowing your business numbers.
The major reason for denial of credit is lack of availability and clarity around the businesses’ financial information. This single reason is preventing many small businesses from growing and flourishing. Without it, they may not be able to afford new staff members, premises or technology that may be required in order to grow. In the current economic climate, access to extra finance couldn’t be more important to the health of small businesses across the UK.
Rosemary Bookkeeping franchisees help small firms to access the finance they need by ensuring that their books are always up to date, intelligently processed and well-kept. Having clear and meaningful accountsis something the banks like to see when considering a business for credit or additional funding. The Rosemary Bookkeeping franchise now has over 20 nationwide offices operated by their franchise network, servicing the SME market of over four million businesses in the UK. The franchise is based on a unique business concept that has been established and refined since 2002 providing a bookkeeping system within a fully-supported franchise package. Franchisees obtain huge flexibility with superb work-life balance.
Unlike many businesses, a Rosemary Bookkeeping business is not dependent on the economic climate. Bookkeeping services are always needed by businesses in the UK. Business owners want to focus on building and running their businesses, not their bookkeeping and accounts so they often outsource in order to have an expert look after their books for them.
“Our franchisees complete their client’s bookkeeping on time and in a professional manner. They offer a valuable service and save their client’s time when it comes to applying at the bank for finance. Their services will always be needed despite fluctuations in the economy. It is often cheaper for businesses to outsource the work than to have someone in house,” explains Lisa Curteis, Franchise Recruitment Director.
Rosemary Bookkeeping delivers intelligent bookkeeping services to SMEs, accountants and franchisors ensuring a consistency of delivery and high-quality work. Their practical, down-to-earth and friendly approach provides clients with information that enables them to understand and make decision on their businesses, gives peace of mind that HMRC will be happy, whilst charges are fair and reasonable. For more information and to see if you qualify to attend the next Rosemary Bookkeeping™ Discovery Day, please call 0845 8620072 or visit